An influential crypto strategist is optimistic about Bitcoin’s future, despite the current pullback. Analyst Justin Bennett, with a large following on X, predicts that BTC will reach new record highs.
Bennett anticipates that Bitcoin will dip below $100,000 before embarking on a new upward trajectory towards $120,000. He notes that this phase may lead some traders to mistakenly believe that the bull market is over.
Reflecting on past trends, Bennett recalls how in 2021, Bitcoin struggled to break through the $69,000 resistance level, resulting in a bear market that saw BTC plummet to lows of $16,000.
Regarding potential downside targets for Bitcoin, Bennett suggests that the cryptocurrency might find support at either $100,000 or $97,000.
Currently, Bitcoin is valued at $104,439. Bennett also highlights his monitoring of the TOTAL chart, which tracks the total market cap of all digital assets. He believes that TOTAL will correct and stabilize around $3.04 trillion, aligning with his projections for BTC’s pullback.
Despite the overall bearish sentiment in the market, Bennett underscores that his predictions may not always be accurate. He emphasizes that sellers currently hold the upper hand.
As per the TOTAL chart, a bearish trend indicates that investors are offloading their crypto assets. At present, TOTAL is trading at $3.225 trillion.
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Image credits: Midjourney
